Pensions Board Chief Executive calls on consumers to consider pensions when ssias mature

Tuesday 10 May 2005: The Pensions Board Chief Executive, Anne Maher has called on consumers to consider investing in a pension when their SSIAs mature in 2006 and 2007. It is estimated that over €14billion of SSIA capital will be released over the two years.

The Pensions Board recently conducted consumer research into pensions and as part of that research included a question as to what people with SSIAs intended on doing with the capital once they matured. The feedback showed that that only 6% had considered investing it in their pension, but that 28% of people have no plans or haven’t thought about it.

Anne Maher, chief executive, The Pensions Board explains: “We were disappointed to see that only 6% had considered investing in a pension when their SSIA matures. However, the fact that 28% of people haven’t thought about it or haven’t decided yet means that we still have an opportunity to persuade these people to consider a pension as an investment option.

“The SSIA has encouraged people to save and it would be great to see people carry on the saving habit by investing in a pension. A pension is similar to a long-term version of an SSIA with tax incentives which make sense from the financial point of view. This week is Pensions Action Week so I would call on consumers to make a proactive decision this week to reinvest your SSIA capital into a pension scheme”.

Other responses to the question “when your SSIA matures in 2006 or 2007 what do you plan on doing with your savings” included:

  • 19% maintain savings account
  • 13% spend on luxuries / holidays
  • 14% invest in property
  • 6% invest in pension
  • 28% haven’t thought about it
  • 4% children’s college education
  • 4% reinvestment

National Pensions Action Week runs from May 9 – 15 and The Pensions Board is calling on people to take action to secure their income in retirement. During the week people can get information from The Pensions Board website where there is a sample calculator to help work out the individual’s pension needs.

About The Pensions Board

The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development.

Media Queries:

Mary Hutch
Head of Information and Training
The Pensions Board
Tel: (01) 6131900

Aongus Horgan
Assistant Head of Information and Training
The Pensions Board
Tel: (01) 6131900

Jackie Gallagher / Mark Leech
Tel: (01) 4751444
(087) 237 1838
(087) 9053679